What is the difference between an insurance policy and a contract of insurance?

An insurance policy and a contract of insurance are both legal documents that outline the details of an insurance agreement. However, there are some key differences between the two. An insurance policy is a specific type of contract in which an insurance company agrees to provide coverage for a defined period of time. It outlines the type of coverage, the limits of coverage, and the premiums payable for that coverage. In Indiana, an insurance policy must comply with state insurance laws in order to be valid. A contract of insurance is a more general document and does not necessarily have the same strict requirements as an insurance policy. It outlines the terms and conditions of the agreement between the insurer and the insured, but does not necessarily provide the same level of detailed coverage as an insurance policy. The main difference between the two is that an insurance policy is a legally binding document that must be followed, while a contract of insurance is more of an informal agreement. An insurance policy can only be changed or cancelled with the written agreement of both the insurer and the insured. Whereas, a contract of insurance can be terminated or changed at any time by either the insured or the insurer without the written consent of the other.

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What is the difference between an insurance policy and a contract of insurance?

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